Fire Survivor at 281 Grand Street Sells for $12.3M
A lucky survivor of the devastating 2010 fire that burned two mid-block buildings to the ground, 281 Grand Street soldiers on. It’s better off now than it was. At least according to brokers who helped unload the property. Owner Jonathan Jacobs finally sold the five-story tenement for a cool $12.3 million, a significant price chop from the listings dated a year ago. (The transaction happened in August, but the Deed was uploaded this week.)
New Jersey firm Real Estate Equities Group purchased the 15,600 square-foot property, which boasts eight loft units ranging in size from studio to five-bedroom. Flushing-based seller Jonathan Jacobs paid $8.5 million for 281 Grand in 2013.
281 Grand actually has some interesting history. At one point, it was deemed the tallest building on the block. As previously reported:
The storefronts at 283-287 were a part of the bustling commercial landscape of dry-goods shops. By the 1880s they were all managed by dry-goods merchant J. Lichtenstein, who also operated out of 281 Grand next door. Until this row of low-rise wooden buildings was replaced by tenements in the 1890s, 281 Grand was the tallest building on the block, and its eastern wall was prime advertising space. Not only was the wall visible for sidewalk shoppers, it was also in plain view of trolley passengers on Grand Street and el passengers passing through the station at Allen.